Who among us hasn’t wished to own a pair of shoes from Gucci or a pair of sunglasses from Tommy Hilfiger? Who doesn’t love to flick through the glossy pages of fashion magazines checking out the latest fashionable jacket from Chanel? Today, we are surrounded by luxury brands that provide us a way to sample the finer things in life.
While you may love to fawn over the latest luxury products, it might be important to remember that there are scores of people working hard to maintain the quality and exquisite finish of these products. Luxury brand management is a huge industry today with thousands of premier brands competing with each other to grab the attention of the rich and powerful.
If you have just come across the term and wondering what it is about, this blog can be your eyes and ears into the multi-million dollar industry. It simplifies what luxury brand management means and the different aspects it involves. You also get a peek into what a possible career in the industry might look like.
What do you mean by luxury brand management?
The primary focus of luxury brand management is to work on improving the organisational aspects of manufacturing and distributing luxury products to customers. Most luxury brands such as Chanel or Daniel Wellington depend on affluent customers who like their products maintaining quality consistently. Hence this management approach ensures that the products improve or maintain their quality.
Luxury brand managers also keep tabs of their position in the market and their competition. They also have to understand the mindset of the customers regarding the brand so that they can make critical decisions on how to expand or reposition their brand by adding new products or removing non-performing products from their collections.
What are the different aspects of luxury brand management?
Luxury isn’t just about buying expensive products—it is also bout associating yourself with the excellence and heritage of those brands. Luxury brand management ensures that you can look forward to unique experiences with different products from premier brands.
The luxury brand management is a huge industry with thousands of people fulfilling different responsibilities. The industry involves different aspects such as strategic brand management, distribution, and sales of luxury items, spreading awareness among customers about upcoming products or surveying the completion to decide appropriate pricing for a product range.
What is the career scope of luxury brand management?
With more people being able to afford luxuries, there has been a tremendous increase in the number of luxury products and premier brands. The luxury brand industry is booming at the moment and generating a lot of new jobs.
Here are a few positions in the industry that might interest you.
• Luxury brand managers
• Fashion retail buyers
• Fashion PR specialists
• Product marketing managers
A career in this industry is exhilarating, challenging and also brings you in close contact with some of the luxury items you aspire to own. The easiest way to enter the industry is to get a qualification in luxury brand management. You can either opt for a master’s in luxury brand management online or join a regular course from a reputed university to kick-start your career in luxury brand management.